North Carolina Passes Bill To Integrate Bitcoin Into $127 Billion Pension Fund
The North Carolina House has approved two bills aimed at modernizing the state’s pension fund management, addressing a $16 billion deficit. House Bill 506 establishes the North Carolina Investment Authority, a five-member board led by the State Treasurer, to oversee a $127 billion investment portfolio. Appointees must have significant investment expertise. House Bill 92 permits the Authority to allocate up to 5% of the portfolio to cryptocurrencies, specifically mutual fund equivalents, to mitigate risks. Supporters, including State Treasurer Brad Briner, advocate for diversification to enhance fund performance. Critics, particularly Democrats, express concerns over cryptocurrency volatility and potential risks to state workers' pensions. The bills passed the House with significant support and will proceed to the Senate for further review.
